That’s according to new analysis from the Energy Efficiency Financing (EEF) Scheme which stated the overspending is due to inefficient technology and old equipment.
The EEF scheme is a joint initiative between the Carbon Trust and Siemens Financial Services.
They studied businesses’ use of lighting, heating and hot water, cooling and ventilation and other areas of energy consumption.
The report concluded “potential” energy savings of more than £414 million could be achieved per year if they invest in more energy efficient equipment.
Richard Baker, Sales Manager, EEF scheme said: “Today’s tightened credit environment makes it increasingly difficult for SMEs to obtain affordable funding as traditional lenders have become more risk-adverse in their lending policy.
“Consequently, many firms feel discouraged from investing in green technologies because of insufficient access to capital. However, with funding available from innovative schemes like EEF, where expected savings pay for the investment, organisations can now act on their green endeavour without having to worry about upfront capital.”